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Pinnacle Micro Announces Loss
For 1st Quarter; Shares Plunge

IRVINE, Calif. -- Pinnacle Micro Inc., a maker of optical storage systems announced a management shake-up, a 15% work-force reduction, and a $3.9 million first-quarter loss. Shares plunged 25% on the news.

The company's 62-year-old founder, William F. Blum, retired as chairman, president, and chief executive officer. Larry Goelman, 55, who joined the board in April, will act as chief executive until a permanent successor is named....